Tips on property purchasing #1
Posted on 10:29 AM | By Smart Wealth Advisory | In
1. What Can I Afford
Before you commit to purchase a property, you should first work out a budget to help you determine how much you can afford and the ceiling price on any property you may wish to buy. As a guide, your monthly commitments on paying installments for your house, car and other payments should not exceed 1/3 of your gross monthly household income.
Your source of funding can be all or any combination of the following:
i. Savings
ii.Withdrawal from Employee Provident Fund (EPF)
iii.Loan facility from a financial institution
2.Choosing your Financial Institution
You should shop around before you decide on any financial institution. Remember that when you take up a housing loan, you will be dealing with the financial institution on a regular basis for a period of time. Therefore, you should also consider factors other than just interest rates. Below are some of the factors you should consider:
* How professional is the financial institution in dealing with customers?
* Does it offer quality service in terms of efficiency and reliability?
* What are the available loan packages and which package suits you best?
* What are the charges involved?
For example, legal fees, related government fees and charges, disbursement fees and others.
You should also be informed when and how often these charges are to be paid
An innovative financial institution may offer a more suitable loan package that suits your needs and their application process may be faster and hassle-free. It usually takes about one to two weeks for your loan application to be approved from the time you submit all relevant documentation.
There are also related costs such as professional fees and government charges that you would have to pay.
Below are some of the common fees and charges you would expect to incur:
| Type | Rate |
| 1.Stamp Duties: i. Sales and Purchase Agreement | 1% for the 1st RM 100,000 0.5% for the next RM 400,000 |
| ii. Loan Agreement | 0.5% of the loan amount |
| iii. Transfer of Title( completed properties only) | 1% for the 1st RM 100,000 2% for the next RM 400,000 3% on the excess above RM500,000 |
| 2. Disbursement fees - fees for registration of charge - land search and bankruptcy search | fees vary by state,land office and type of property |
| 3. Processing Fees - one time fee charged by the financial institution for loan processing | •RM 200 for Loan range from RM100,000 and above. •RM 100 for Loan range from RM30,001 - RM100,000. •RM 50 for Loan range up to RM30,000. |
| 4.Professional Legal Fees For S&P and Loan Agreement | 1% for 1st RM 150k 0.7% for the next RM 850k 0.6% for next RM 2000k 0.5% for next RM 2000k 0.4% for next RM 250k 0.3% for the excess of more than RM 750k |
Please note that the type of charges and the amount charged might change in the future. You should meet with your financial institution's loan officer for further advice and discussion regarding any questions that you may have concerning the type of fees and legal services.
Posts
I am Mrs.Sandra Bents from Germny, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to ERIVAN LOAN COMPANY, she said she was given 50,000USD by MR ERIVAN , THE MANAGING DIRECTOR OF ERIVAN LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (erivanloancompany@yahoo.com) I am sure he will help you.
I am Mrs.Sandra Bents from Germny, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to ERIVAN LOAN COMPANY, she said she was given 50,000USD by MR ERIVAN , THE MANAGING DIRECTOR OF ERIVAN LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (ryanhansenfirm001@gmail.com
) I am sure he will help you.
I am Robin Lamura by name, am writing this Testimony because am really grateful for what James Morris did for me and my family, when I thought there was no hope he came and make my family feel alive again by lending us loan at a very low interest rate of 2%. Well I have been searching for a loan to settle my debts for the past three months all I met scammed and took my money until I finally met a God sent Lender. I never thought that there are still genuine loan lenders on the internet but to my greatest surprise i got my loan without wasting much time. my credit score is cool now. so if you are out there looking for a loan of any amount i would advise you to email the legit loan company via email: { ryanhansenfirm001@gmail.com} and be free of internet scams. thanks… Robin Lamura from California, USA.
I am sure he will help you.
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